Some quotes from:
Family-run businesses can be fraught affairs but in the luxury sector they are more resilient and likely to do better than any other kind of company.
Simon Brooke discovers the secrets of their success
Sphere magazine, Summer 2011, Vol. 4 No. 2, p. 49
“I was working at a Christian centre and planning to be ordained. I didn’t want to go into the family firm initially because it felt as if it was presented to me on a plate – it was too easy,” says Wainwright, now 34, who joined 10 years ago. “But then I felt that my time in the church had run its course and so I decided to do it for a year.”
– – on what caused Jody Wainwright’s delay in joining the family business, the jewellers, Boodles
Boodles has been owned and run by the Wainwright family since it was founded in Liverpool in 1798 and, as a long-held family concern, is not unusual among players in the luxury sector.
– – on longevity of luxury sector family-run businesses
Wines and spirits merchants Berry Brothers & Rudd has been managed by the same two families for centuries and it’s matched by other names such as C. Hoare & Co, a private bank in the Hoare family since 1672.
– – on other centuries-old family businesses in the luxury sector
In France, many of the great champagne houses such as Bollinger and Pol Roger are family-run while Hermes has been controlled by the same family for nearly 200 years.
– – on persistency of family heritage in French champagne houses
Families are better aligned with the interests of the company than with external investors, it found, and are more cautious about debt.
– – 2010 research published by French investment analysts at Oddo Asset Management, which suggested that family-controlled listed companies outperformed non-family ones by an annualised 2.3% since 1990